August 21, 2024 | 12:00am
MANILA, Philippines — Shares prices advanced for the third straight session, pushing the stock market past the 6,900 mark on sustained positive cues from Wall Street.
The benchmark Philippine Stock Exchange index touched the 7,000-level intraday before finishing the session at 6,944.76, up by 0.8 percent or 54.89 points.
The broader All Shares index ended higher by 0.61 percent or 22.64 points to settle at 3,729.09.
“Philippine shares broke into the 6,900 level and now is just a stone’s throw away from the 7,000 level with investor continuing to buy into the strong earnings, recent 25-basis-point rate cut and upgrade of Japan Credit Rating Agency of investment grade for the country,” Luis Limlingan of Regina Capital said.
Philstocks Financial research manager Japhet Tantiangco said expectations that the Bangko Sentral ng Pilipinas would continue with its monetary policy easing moving forward as well as positive cues from Wall Street continued to lift sentiment.
“Investors also cheered the balance of payment surplus posted by the Philippines in July and the strengthening of the local currency,” Tantiangco said.
Investors are keenly awaiting the remarks of US Federal Reserve chair Jerome Powell at a symposium of global central bank chiefs in Jackson Hole, Wyoming later this week.
Sectoral gauges were a mixed bag, with financials and services leading the charge with gains of 2.54 percent and 2.14 percent, respectively.
Meanwhile, property and industrial declined by 0.84 percent and 0.83 percent, respectively.
Market breadth was negative as decliners pummeled advancers, 120 to 89, while 51 shares were unchanged.
Metrobank posted the biggest increase among index members with a 4.21-percent rise while DMCI Holdings lost the most with 3.31 percent.
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